Business
Banks Begin Implementation Of Reduced Charges
Some banks have commenced the implementation of the reduced bank charges as instructed by the regulator, the Central Bank of Nigeria, with effect from January 2020.
While some banks have notified their customers of the reduction in the new charges, some others are yet to do so.
First Bank disclosed its compliance in a notice on reduced charges on its electronic banking channels to customers.
It stated, “Following the CBN’s revised guide to charges by banks, other financial and non-bank financial institutions, charges on our electronic banking channels have been reviewed downwards and would take effect from 1 January, 2020.”
Fidelity Bank Plc also stated in a notice to its customers that “in line with the Central Bank of Nigeria’s directive to implement provisions in the revised guide to bank charges, we wish to inform you about the reduction in charges for the following transactions effective January 01, 2020.”
In furtherance of its quest to make financial services more accessible and affordable to various stakeholders in the economy, the CBN recently reviewed downward most charges and fees for banking services as contained in the new guide to charges by banks, other financial, and non-bank financial institutions, with effect from January 1, 2020.
The Director, Corporate Communications at the CBN, Isaac Okorafor, explained some of the major highlights of the new guide on the bank charges to include the removal of card maintenance fee on all cards linked to current accounts.
He said it included a maximum of one naira per mille for customer-induced debit transactions to third parties and transfers or lodgements to the customers’ account in other bank on current accounts only, and a reduction in the amount payable for cash withdrawals from other banks’ Automated Teller Machines (remote-on-us) as well as from N65 to N35, after the third withdrawal within one month.
Other reductions are Advance Payment Guarantee, which was pegged at a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
On debit card charges, Okorafor stated that the new guide stipulated that a one-off charge of N1,000 applied to the issuance of cards, irrespective of card type (regular or premium).
The same one-off charge of N1,000 applied for the replacement of debit cards at the customer’s instance for lost or damaged cards.
He added that upon expiry of existing cards, customers were to pay the same one-off charge of N1,000 irrespective of card type. Conversely, no charge should be required for pre-paid card loading/unloading.
He explained that the current NIP charges applied to use of Unstructured Supplementary Service Data, purchase with cash-back would attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal.
Also, for cards linked to savings account, the maintenance fee was reduced to a maximum of N50 per quarter from N50 per month, amounting to only N200 per annum instead of N600.
Okorafor said that there would be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts.
Status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) would now attract a fee of N500 per request, he said.
On current account maintenance fee, he said the guide stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers and lodgements to the customer’s account in another bank.
According to him, it was not applicable to savings accounts.
The director said the CBN carried out the review of the guide, which also prescribed charges permissible for other financial institutions and non-bank financial institutions, in order to align with market developments.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.